Forest Labs Continues to Reject Icahn, Who Continues to Fight Back
With the company’s annual shareholders’ meeting set for August 15, Forest Laboratories Inc. (NYSE: FRX) continues its proxy fight with activist investor Carl Icahn, who has proposed a slate of four candidates for the company’s board of directors. Forest Labs…
The misguided assertions in Mr. Icahn’s July 30 filing expose his fundamental lack of understanding of Forest’s business.
Icahn fired back this morning with another filing, announcing that Egan-Jones Proxy Services has recommended Icahn’s slate of candidates. Icahn noted:
The Egan-Jones recommendation should send a strong signal to stockholders that change is warranted on the Forest Labs board and that my nominees have impressive qualifications and a viable plan to enhance shareholder value at Forest Labs.
The dueling filings have not ginned up any premarket activity on Forest Labs’ stock, which closed yesterday at $33.83 in a 52-week range of $28.47 to $37.48.
Paul Ausick
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
